Mind Medicine (MindMed)'s (MNMD) Buy Rating Reiterated at Chardan Capital

Key Points

• Mind Medicine (MindMed) has received a reiterated "buy" rating from Chardan Capital, with a price target of $20.00, indicating a potential upside of 120.02%.
• Analysts currently have a consensus rating of "Buy" for Mind Medicine, with an average price target of $24.00.
• In a recent insider transaction, CEO Robert Barrow sold 26,491 shares at $6.80 per share, reducing his ownership stake by 3.09%.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at Chardan Capital in a report released on Friday,Benzinga reports. They presently have a $20.00 price target on the stock. Chardan Capital's price objective points to a potential upside of 107.15% from the stock's current price.

Separately, Cantor Fitzgerald raised shares of Mind Medicine (MindMed) to a "strong-buy" rating in a report on Tuesday, May 13th. Seven research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Mind Medicine (MindMed) currently has an average rating of "Buy" and a consensus price target of $24.71.

Mind Medicine (MindMed) Price Performance

MNMD stock traded up $0.30 during mid-day trading on Friday, hitting $9.66. The stock had a trading volume of 1,187,125 shares, compared to its average volume of 1,531,013. The firm has a market capitalization of $729.44 million, a P/E ratio of -6.31 and a beta of 2.49. The company has a current ratio of 4.98, a quick ratio of 4.98 and a debt-to-equity ratio of 0.22. The firm has a fifty day simple moving average of $7.86 and a 200 day simple moving average of $7.14. Mind Medicine has a 52 week low of $4.70 and a 52 week high of $10.44.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.38) by ($0.12). As a group, research analysts forecast that Mind Medicine will post -1.35 EPS for the current year.

Insider Activity

In other news, insider Mark Sullivan sold 11,491 shares of the stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total value of $78,138.80. Following the completion of the sale, the insider owned 305,130 shares in the company, valued at $2,074,884. This represents a 3.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Daniel Karlin sold 7,848 shares of the stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total transaction of $53,366.40. Following the transaction, the insider owned 438,329 shares of the company's stock, valued at approximately $2,980,637.20. The trade was a 1.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,830 shares of company stock worth $311,644 over the last quarter. Insiders own 2.26% of the company's stock.

Hedge Funds Weigh In On Mind Medicine (MindMed)

Several institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP grew its position in Mind Medicine (MindMed) by 9.3% during the fourth quarter. Marshall Wace LLP now owns 2,501,391 shares of the company's stock valued at $17,410,000 after buying an additional 213,526 shares during the period. Geode Capital Management LLC boosted its position in Mind Medicine (MindMed) by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 1,723,088 shares of the company's stock worth $11,996,000 after purchasing an additional 45,386 shares during the period. AWM Investment Company Inc. boosted its position in Mind Medicine (MindMed) by 1.3% during the first quarter. AWM Investment Company Inc. now owns 1,208,162 shares of the company's stock worth $7,068,000 after purchasing an additional 15,000 shares during the period. Woodline Partners LP boosted its position in Mind Medicine (MindMed) by 0.3% during the fourth quarter. Woodline Partners LP now owns 1,005,198 shares of the company's stock worth $6,996,000 after purchasing an additional 2,654 shares during the period. Finally, Northern Trust Corp boosted its position in Mind Medicine (MindMed) by 12.6% during the fourth quarter. Northern Trust Corp now owns 684,836 shares of the company's stock worth $4,766,000 after purchasing an additional 76,559 shares during the period. Institutional investors own 27.91% of the company's stock.

About Mind Medicine (MindMed)

Mind Medicine (MindMed) Inc, a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders. The company's lead product candidates include MM-120, which is in phase 2 for the treatment of generalized anxiety disorder and attention deficit hyperactivity disorder; and MM-402, a R-enantiomer of 3,4-methylenedioxymethamphetamine, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.